Bond markets, analysis and strategies, 3e

Prior to the early 1980s, the bond market was comprised mainly of “plain vanilla” bonds with simple structures. Today the bond market is comprised of more complex bond structures with embedded options that make bond valuation more difficult. Moreover, with the increased volatility of interest rates since the 1980s, investors must understand how derivative instruments can be used to manage the interest rate risk of a bond portfolio

With substantial revision, BOND MARKETS, ANALYSIS AND STRATEGIES, Third Edition, provides extensive coverage on all sectors of the bond market, the techniques for valuing bonds, active and passive bond portfolio strategies, and the role of derivative instruments in controlling the risk of a bond portfolio. The revised edition provides extensive coverage of collateralized mortgage obligations and a new chapter on bond performance measurement and evaluation.